The university degrees that make you £400k richer – and the ‘low value’ subjects that leave you £60k poorer

THE AMOUNT you could earn over your lifetime can vary hugely depending on which university degree you study, new research has found. Studying degrees such as medicine and economics could earn you hundreds of thousands of pounds more than studying humanities or languages, data from the Institute for Fiscal Studies (IFS) suggests. The IFS looked at the ‘lifetime returns’ of dozens of degrees, comparing earnings after tax and student loan repayments with estimated earnings had the individual not studied that degree. It found that a degree in medicine could provide a return of around £408,000 over your lifetime after factoring in your student loan repayments and the taxes you’d pay. Sign up for the Money newsletter Thank you! Meanwhile, an economics degree could provide a lifetime return of £394,000, while medical sciences could net you £182,000 and law £177,000. Degrees in business and maths could provide returns of £174,000 and £133,000, respectively, with a computing degree providing a return of around £128,000, the IFS found. For comparison, it found degrees in some humanities and languages could actually see you lose money over your lifetime. For example, it found an English degree would return just £9,000, while languages degrees could see you make a loss of £6,000 and philosophy would lose you £9,000 over your lifetime. Creative arts came in bottom, seeing you make a lifetime loss of around £40,000. You can view the full list of degrees and how much they would return over your lifetime below. Most read in Money While some degrees offer worse returns, the IFS research found that generally earnings are higher among graduates than non-graduates. By age 37, it found median earnings among women who attended university are 56% higher than among women who did not, and among men are 28% higher. It added that the average graduate can expect to be around £100,000 better off than a similar young person who did not attend university, even after accounting for tax and student debt. Alex Stanley, vice president higher education at the National Union of Students, argued that going to university “should not be solely measured on the earning potential of degrees” as there are other benefits. “Students who go to university for the arts may not earn as much, but their lives will be enriched hugely by the opportunity to study and work in a field they are passionate about,” he said. “However, in our marketised education system in which students have to pay tens of thousands of pounds for their degrees, this lack of earning potential for creative and humanities degrees is likely to put off students.” But bosses at major companies urged young people earlier this year to consider apprenticeships as many graduates are leaving with over £50,000 in debt they struggle to repay. How to swap degrees If you’ve started doing a degree you now regret, you may be able to switch to another course at the same university or move to another university, according to UCAS. UCAS says you will normally have to fill in paperwork or a full application form and may be required to attend an interview, and it could take anywhere from a few days to several weeks to finalise. The first step is usually to speak to your course tutor or the university’s student services team to find out what alternatives are available and if there is any space on the course. The sooner you decide you want to switch, the easier it usually is. If the degrees are related, you may be able to transfer without starting from scratch. Other courses may require you to catch up on the work you’ve missed – so switching late in the year could create a lot of extra work for you. There is also a financial impact. Changing course can affect the level of student loan you are entitled to, according to UCAS. Switching late into your degree may mean you need an extra year of funding too. Comment now